This report from Life Science Intelligence provides the latest market data for the Global Mechanical Heart Valves Market. Information covered by this report includes:
The global market for mechanical heart valves is expected to reach an estimated $680.7 million in 2020 and is projected to decrease at a CAGR (2020-2024) of -0.4%. The market includes prosthetic heart valves implanted in open heart surgery.
This report covers the impact of COVID-19 on heart valve replacement procedures, including a recent forecast from 2020 to 2024. COVID-19 has also impacted leading competitors, such as Abbott, Medtronic, Edwards Lifesciences, LivaNova, CryoLife, and others. The report provides insights into trends, drivers, and limiters of the mechanical heart valves market, as well as highlights potential opportunities.
Mechanical heart valves continue to be the first choice for patients under the age of 70 due to the longer durability of mechanical heart valves when compared with the bioprosthetic heart valve. Pediatric congenital heart defects previously had limited valve replacement options due to the small size of the pediatric heart valve. A new mechanical heart valve that is the first and only pediatric mechanical heart valve developed for newborns and infants was launched in 2018 by Abbott (St. Jude Medical). The mechanical heart valve market for the pediatric segment is expected to drive the procedure volumes that have been declining due to the favoritism for transcatheter valve replacement procedures.
Mechanical heart valve replacement procedures were severally impacted as a result of COVID-19 related lockdowns and postponement of surgeries due to the profound pressure on healthcare resources. With the lockdown relaxation and subsequent opening of surgeries for critically ill patients, surgical procedure volumes are beginning to recover. Procedures which were canceled or postponed in 2020 are expected to be scheduled for 2021 and higher than normal procedure volumes are anticipated as hospitals ramp up resources and schedules to cover for the increased footfalls.